Daily Archives: August 11, 2016

Trump Tried To Get Bush’s Labor Secretary To Attend His Get-Rich-Quick Seminar


The letter sent to then-Labor Secretary Elaine Chao by the Trump Institute.


Two VIP tickets to a Trump Institute seminar that were offered to Elaine Chao.

Huffington Post:

Elaine Chao has had a career arc unmatched by many other people. She’s been the chair of the Federal Maritime Commission, the director of the Peace Corps, the president and CEO of United Way of America and a distinguished fellow with the Heritage Foundation. Then, in 2001, she was appointed as President George W. Bush’s secretary of labor, the first Asian-American woman in U.S. history to be granted a cabinet position.

But sometime during that second half of that administration, someone came knocking on Chao’s door promising even more success, more power, more wealth and glitz.

That someone was Donald J. Trump.

No, Trump didn’t literally walk up to Chao’s home in Washington, D.C. and ring the doorbell. But his seminar business, the Trump Institute, did send a package to Chao promising that she, too, could get rich quickly with the tutelage of its chairman, Trump.

“What you have in your hands right now is my personal invitation for you and your guest to attend a special event featuring a hand-picked member of my organization who will teach you many of the strategies and techniques that are the reasons for my success,” read the letter, which was signed by Trump. “At this special event, you will discover many of my unique wealth creating secrets and strategies that I use to buy and sell real estate and that I also use in many of my highly profitable businesses.”

Morgan Stanley takes first steps in offering $400M in consumer relief in New York

Earlier this year, Morgan Stanley agreed to a $3.2 billion settlement over its “deceptive” mortgage bond practices in the run-up to the financial crisis.

Part of that settlement included a commitment to provide $400 million in consumer relief for New York residents affected by Morgan Stanley’s alleged actions, set to be distributed by the end of September 2019.

Now, Morgan Stanley is taking its first steps to fulfill that commitment, by providing principal forgiveness to a handful of borrowers as a “test drive” of its relief plan, according to a new report from Eric Green, the independent monitor of the consumer-relief portion of the settlement.

The settlement stems from Morgan Stanley’s alleged misrepresentations about the security and safety of residential mortgage-backed securities it sold before the financial crisis.

Read on.